政治关联、制度环境与中国新上市企业的市场表现:基于中国境内外上市公司的比较  

Political Connection,Institutional Environment and Market Value of Chinese IPO Firms: Based on the Comparison of Domestic Listed and Overseas Listed

作　　者：林润辉[1,2] 李娅[1,2] 李康宏[1,2] 彭涛[1] 谢宗晓[1,2] 

机构地区：[1]南开大学商学院,天津300071 [2]南开大学中国公司治理研究院,天津300071

出　　处：《预测》2016年第2期1-8,共8页Forecasting

基　　金：国家自然科学基金重点资助项目(71132001);国家自然科学基金青年资助项目(71302097)

摘　　要：不同制度环境下，政治关联对新上市（IPO）企业市场价值的影响是否不同？本研究基于制度理论，探讨政治关联与IPO企业价值之间作用机制，并检验了上市地的制度环境的调节作用。以2009-2013年1023家在境内和境外上市的中国IPO企业为样本，研究发现：（1）对境内外上市企业的总样本，政治关联程度越高，IPO企业价值越低。（2）随着制度环境水平的提升，政治关联对IPO企业价值的负向影响会减弱。（3）在境外市场中，政治关联程度越高，IPO企业价值越低。而在境内市场中，这一关系并不显著。This paper investigates how political connection impact the IPO firm value in the different institutional environ-ment. Based on institution theory, this paper analyzes the relationship of political connection and market value of IPO firm, and tests the conditioning effect of institutional environment of listed market. Drawing on a dataset of 1023 Chinese cross-listed and domestic listed firms, we find that in the total sample the political connection has a significant negative effect on the firm value. And the institutional environment has moderate effect on this relationship. Moreover, in the cross-listed group the relationship between political connection and firm value is still negative, whereas in domestic-listed group this correlation is not significant.

关 键 词：政治关联 制度环境 境外上市 社会资本 

分 类 号：F271[经济管理—企业管理]